REG - Xaar PLC - 2014 Interim Results <Origin Href="QuoteRef">HTG.L</Origin> <Origin Href="QuoteRef">XAR.L</Origin> - Part 2

HuntingAnnouncement

29/10/2014 15:47

- Part 2: For the preceding part double click  ID:nRSb1747Qa 

under the Company's share option schemes
for £712,000. 
 
8. Notes to the cash flow statement 
 
                                                           Six months ended  Six months  Twelve months ended  
                                                                              ended                           
                                                           30 June           30 June     31 December          
                                                           2014              2013        2013                 
                                                           (reviewed)        (reviewed)  (audited)            
                                                           £'000             £'000       £'000                
 Profit before tax                                         15,292            23,362      40,087               
 Adjustments for:                                                                                             
 Share-based payments                                      472               2,014       4,204                
 Depreciation of property, plant and equipment             4,700             3,585       7,410                
 Amortisation of intangible assets                         433               308         889                  
 Research and development expenditure credit               (241)             -           (586)                
 Investment income                                         (247)             (192)       (443)                
 Finance costs                                             -                 40          55                   
 Foreign exchange losses/(gains)                           537               (362)       (26)                 
 Unrealised losses/(gains) on forward contracts            6                 107         (9)                  
 Loss on disposal of property, plant and equipment         42                39          250                  
 Decrease in provisions                                    (526)             (243)       (555)                
 Operating cash flows before movements in working capital  20,468            28,658      51,276               
 (Increase)/decrease in inventories                        (2,255)           1,970       (2,121)              
 Increase in receivables                                   (1,301)           (5,021)     (2,945)              
 (Decrease)/increase in payables                           (4,569)           3,045       4,091                
 Cash generated by operations                              12,343            28,652      50,301               
 Income taxes paid                                         (3,333)           (1,393)     (5,208)              
 Net cash from operating activities                        9,010             27,259      45,093               
 
 
9. Date of approval of interim financial statements 
 
The interim financial statements cover the period 1 January 2014 to 30 June
2014 and were approved by the Board on 28 August 2014. 
 
Further copies of the interim financial statements are available from the
Company's registered office, 316 Science Park, Cambridge CB4 0XR, and can be
accessed on the Xaar plc website, www.xaar.com. 
 
INTERIM REVIEW REPORT TO XAAR PLC 
 
For the six months ended 30 June 2014 
 
We have been engaged by the Company to review the condensed set of financial
statements in the half-yearly financial report for the six months ended 30
June 2014 which comprises the condensed consolidated income statement,
condensed consolidated statement of comprehensive income, condensed
consolidated statement of financial position, condensed consolidated statement
of changes in equity, condensed consolidated cash flow statement and related
notes 1 to 9. We have read the other information contained in the half-yearly
financial report and considered whether it contains any apparent misstatements
or material inconsistencies with the information in the condensed set of
financial statements. 
 
This report is made solely to the Company in accordance with International
Standard on Review Engagements (UK and Ireland) 2410 'Review of Interim
Financial Information Performed by the Independent Auditor of the Entity'
issued by the Auditing Practices Board. Our work has been undertaken so that
we might state to the Company those matters we are required to state to it in
an independent review report and for no other purpose. To the fullest extent
permitted by law, we do not accept or assume responsibility to anyone other
than the Company, for our review work, for this report, or for the conclusions
we have formed. 
 
Directors' responsibilities 
 
The half-yearly financial report is the responsibility of, and has been
approved by, the Directors. The Directors are responsible for preparing the
half-yearly financial report in accordance with the Disclosure and
Transparency Rules of the United Kingdom's Financial Conduct Authority. 
 
As disclosed in note 1, the annual financial statements of the Group are
prepared in accordance with IFRSs as adoptedby the European Union. The
condensed set of financial statements included in this half-yearly financial
report has been prepared in accordance with International Accounting Standard
34, 'Interim Financial Reporting', as adopted by the European Union. 
 
Our responsibility 
 
Our responsibility is to express to the Company a conclusion on the condensed
set of financial statements in the half-yearly financial report based on our
review. 
 
Scope of review 
 
We conducted our review in accordance with International Standard on Review
Engagements (UK and Ireland) 2410 'Review of Interim Financial Information
Performed by the Independent Auditor of the Entity' issued by the Auditing
Practices Board for use in the United Kingdom. A review of interim financial
information consists of making inquiries, primarily of persons responsible for
financial and accounting matters, and applying analytical and other review
procedures. A review is substantially less in scope than an audit conducted in
accordance with International Standards on Auditing (UK and Ireland) and
consequently does not enable us to obtain assurance that we would become aware
of all significant matters that might be identified in an audit. Accordingly,
we do not express an audit opinion. 
 
Conclusion 
 
Based on our review, nothing has come to our attention that causes us to
believe that the condensed set of financial statements in the half-yearly
financial report for the six months ended 30 June 2014 is not prepared, in all
material respects, in accordance with International Accounting Standard 34 as
adopted by the European Union and the Disclosure and Transparency Rules of the
United Kingdom's Financial Conduct Authority. 
 
Deloitte LLP 
 
Chartered Accountants and Statutory Auditor 
 
Cambridge, United Kingdom 
 
28 August 2014 
 
This information is provided by RNS
The company news service from the London Stock Exchange